Venezuela increase foreign participation in gas project

Economy This Friday, Venezuela signed several agreements to explore gas blocks in the Caribbean with a group of foreign companies, including US Chevron. The move shows a sign of openness to foreign investment despite a wave of nationalizations in the energy sector. Representatives of the Italian oil company Eni and Russia's Gazprom were convened to a ceremony at Caracas presidential palace where there were also present oil executives from Qatar, Algeria, Portugal and Japan, officials said. The new agreements would help President Hugo Chávez to show that he can work with foreign capital despite his government's deteriorated relationship with the White House, which has described the Venezuelan leader as an autocrat. Last week, Chávez expelled the US ambassador and threatened to curtail oil supplies to the Unites States, but then he moderated his tone by saying that he would not take additional actions in this case.